In this paper we present a multi-factor continuous-time autoregressive moving-average (CARMA) model for the short and forward interest rates. This models is able to present an adequate statistical description of the short and forward rate dynamics. We show that this is a tractable term structure...

In this paper, we propose a new multivariate model for the dynamics of regional ocean freight rates. We show that a cointegrated system of regional spot freight rates can be decomposed into a common non-stationary market factor and stationary regional deviations. The resulting integrated CAR...